Calling Selling Agent in to Re-Appraise Home

Has anyone done this before?

I'm nearly done with renovating my kitchen/bath and am tempted to call my selling agent (bought home from her 1.5 yrs ago) to come back to see my new place and reappraise it.

I'm sure my home has increased in value after the renovation but am curious as to find out by how much...

Re: Calling Selling Agent in to Re-Appraise Home

it's hard to say...unless you added square footage....like bedrooms and bathrooms- cosmetic improvements don't really add value like how you see on HGTV

a new kitchen might make a house sell faster in this market- but just b/c you spent $40K - doesn't mean you house went up $40K in value

as an agent- I am not sure I would be able to give you the answers you are looking for-

if you are looking to refi- you would need an apprasial

Re: Calling Selling Agent in to Re-Appraise Home

I would call her! If you are just curious as to what the agent's opinion is regarding your home's value in the current market, she could at the very least pull recent sales of comparable homes to show you, and then give you her opinion on where your home fits in (the way she would do if you were thinking of selling). Of course, valuing a home is somewhat subjective, even among real estate professionals, but she could give you a range.

Renovating a kitchen definitely adds value, even though you don't recoup what you spent dollar for dollar. But if two houses are identical in every way (square footage, number of rooms, lot size, etc.), but one has a renovated kitchen and one doesn't, the one with the renovated kitchen will have more value, of course. But another factor affecting whether your home increased in value is whether the prices in the area you bought have remained stable, or gone up or dropped since you bought a year and a half ago.

Most agents like staying in touch with previous clients (they are a great source of new business/referrals and repeat business), and I always like seeing the changes my buyers make to their new homes.

So, imo, it doesn't hurt for you to ask your previous agent if she'd be willing to come take a look at the renovations you did and do a comparative market analysis for you. I would just make clear that you are not interested in selling right now, so she can decide if she wants to take the time to do it (and won't be expecting to walk away with a new listing!).

Re: Calling Selling Agent in to Re-Appraise Home

Thanks, I made significant changes to the layout of my the back half of my 1st floor, not just cosmetic changes. I would hope it adds to the value of the house but I guess that's for the RE agent to decide.

Will have to give her a call to see if she wants to come in, even for curiosity's sake. :)